Ralph Lauren quietly shuttered its two-year-old 20,000-square-foot store last week. Other brands are expected to close boutiques in a city that has lost its luster for cash-rich mainland Chinese tourists.

The son of a French-Basque father and an American mother, Altuzarra grew up in Paris’ 7th arrondissement, where he attended a traditional French lycée before moving Stateside to Swarthmore College in Pennsylvania. Following internships at Marc Jacobs and Proenza Schouler, Altuzarra struck out on his own in 2008.

For the next six months, Altuzarra will be asked to develop a capsule collection in merino wool to be showcased along those of the other four finalists from Europe, India, Asia and Australia. The designers will compete for an international prize of 100,000 Australian dollars, or $91,441 at current exchange. The winner’s collection will be carried in top retailers globally such as Harvey Nichols, Saks Fifth Avenue, 10 Corso Como, Joyce and David Jones.

WWD's Ultimate Holiday Gift Guide is brought to you by @styleontherise and is complete with the perfect presents for everyone on your list. Click the link in our bio to start shopping NOW. #WWDHoliday #Sponsored

@rebeccaminkoff is bringing self-checkout to high fashion: The brand has partnered with @queuehop to bring its customers self-checkout options, beginning this holiday season at its SoHo store. (📷: @aurorarosephoto)